Follow-Up: JSE Banks Relative To JSE Top 40 Index

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On 25 May we highlighted the sector getting ready to break out relative to the JSE Top 40 Index. Since then, the sector has strongly outperformed the JSE Top 40 Index.

"While the Long-Term trend upgraded back to High Bullish, both Short and Medium-Term momentum metrics have crossed into Overbought territory. The elastic is stretched too far, increasing vulnerability to a sharp pullback."

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Previous Post (25 May): This Sector: Relative Breakout vs JSE Top 40 Index

This chart is important. It highlights the re-emerging strength of JSE Banks relative to the JSE Top 40 Index. Several tests of resistance is looking to break.

Lester Davids

Senior Investment Analyst: Unum Capital